Month: May 2020

(Bloomberg) — Jerome Powell and his Federal Reserve colleagues are staring down the possibility of mass bankruptcies and long-lasting unemployment unless there’s a more concerted government effort to shield the U.S. economy from the impact of the coronavirus pandemic.That’s the context in which the Fed chair will speak Wednesday at 9 a.m. during a virtual event with the Peterson Institute for International Economics in Washington, though he may be loath to give clear hints on future monetary policy, with the central bank’s next rate decision still a month out.Some investors are looking for insights into how hard Powell’s resolve is …read more […]

Uber (UBER) has rejected an all-stock proposal to buy food delivery company Grubhub (GRUB) for 2.15 Uber shares per share of Grubhub, reports CNBC’s David Faber.According to Faber, the two companies have been in discussions about a deal for about a year, but have so far failed to agree on a price.“We remain squarely focused on delivering shareholder value,” Grubhub wrote in a statement to CNBC. “As we have consistently said, consolidation could make sense in our industry, and, like any responsible company, we are always looking at value-enhancing opportunities. That said, we remain confident in our current strategy and …read more […]

Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed U.S. crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after the Organization of the Petroleum Export Countries’ (OPEC) biggest producer said earlier this week it planned to add to output cuts again. “Oil prices are being undercut by fears that a resurgence of the coronavirus may prompt countries to keep …read more […]

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(Bloomberg) — ABN Amro Bank NV posted a higher-than-expected loss and provisions in the first quarter, prompting new Chief Executive Officer Robert Swaak to ramp up a review of the investment bank as he seeks to return the Dutch lender to profitability.The bank set aside 1.1 billion euros ($1.2 billion) to cover the cost of loans going bad, more than expected, and said the figure may rise to 2.5 billion euros for the full year. The lender reported a net loss of 395 million euros, its first in seven years, partly related to its exposure to two clients.European lenders have …read more […]

Japan’s Sony Corp on Wednesday reported a 57% drop in fourth-quarter operating profit and refrained from providing an outlook for the current year due to uncertainty related to the coronavirus outbreak. The electronics and entertainment firm posted an operating profit of 35.45 billion yen ($331 million) for the January-March quarter, versus 82.73 billion yen a year prior, as the coronavirus hit demand for its smartphone image sensors, cameras and TVs. Operating profit for the year ended March came to 845.46 billion yen, falling 5.5% from the previous year following two consecutive years of record highs. …read more […]

U.S. gold futures fell 0.1% to $1,704.50 per ounce. “This kind of indecision (by investors) really has to do with uncertainty about whether the Fed would be successful with all this stimulus and a desire for liquidity,” DailyFx currency strategist Ilya Spivak said. …read more […]